The owner of RM Williams, Ken Cowley, has confirmed that he has agreed to sell 49.9 per cent of the iconic clothing company to L Capital Australia, a private equity fund sponsored by French luxury goods giant LVMH Moët Hennessy – Louis Vuitton.

Mr Cowley, a long time chief of News Ltd and friend of
Rupert Murdoch
, bought RM Williams in 2003.

“Partnering with L Capital, which is sponsored by one of the globe’s most prestigious and revered brand companies, LVMH, will allow the R.M.Williams name to reach its full potential," he said.

“RM was one of my closest friends and I promised him in 2003 before he passed that I would take his legacy to the world."

The deal is due to complete in mid-May. Mr Cowley said manufacturing of the company’s products would remain in Australia.

The Australian Financial Reviewreported on Saturday that Mr Cowley had sold nearly half the business for $50 million to L Capital.

The company has 63 retail stores across Australia, the UK and UK and 1100 stockists.